Market News
Crumbling Foundations Captive Superintendent To Step Down
Michael Maglaras, principal of Michael Maglaras & Company, recently announced that he will step down in October as superintendent of the Connecticut Foundation Solutions Indemnity Company, Inc., the captive insurance company charged with providing financial assistance to homeowners affected by the crumbling foundations natural disaster. Read More
Insured Catastrophe Losses $19 Billion First Half of 2019
Insured losses from natural catastrophes and man-made disasters in the first half of 2019 totaled $19 billion, according to Swiss Re Institute's preliminary sigma estimates. Read More
Global Insurance Industry Views Technology Modernization as Threat
The urgent need for business and technology modernization poses the greatest threat to the global insurance industry, according to The Insurance Banana Skins report, published by the Centre for the Study of Financial Innovation in association with PwC. Read More
Captive Insurance Solution Used for Large UK Pension Scheme Deal
In the second-largest-ever deal of its type, HSBC in Bermuda (advised by AON) set up a £7 billion captive-insurance-based pension longevity swap, involving the HSBC Bank (UK) Pension Scheme and Prudential Insurance Company of America (PICA). Read More
IVANS: Some Commercial Lines Products Show Renewal Rate Increase
IVANS announced its July 2019 results showing a downtick in premium renewal rate change across half of the commercial lines products, including commercial auto, general liability, and commercial property. Businessowners policy, umbrella, and workers compensation experienced slight positive changes in July. Read More